Royal Canadian Mint Sets Silver Sales Record in 2015
Silver Sales up over 4,900% since 2004
2015 was a record year for silver coin sales around the world. The United States Mint sold a record 47 million one ounce American Silver Eagle coins in 2015. It was the third year in a row that the U.S. Mint sold a record amount of American Silver Eagles. The Perth Mint set a silver sales record of 11.775 million ounces in 2015. Last week, the Royal Canadian Mint (RCM) released their 2015 silver mintage. The RCM also set a record for silver sales for the third year in a row.
Silver sales at the RCM in 2015 were 34,300,000 ounces up 17.5% from the record 29,200,000 ounces sold in 2014.
The chart below shows the stunning increase in Canadian Mint silver sales since 2004. Silver sales accelerated from 2004 to 2008 from under 700,000 ounces a year to almost 8 million ounces and took off again from 2009-2015 from 9.7 million ounces to 34.3 million ounces.
The Canadian Mint too noticed in its annual report of the spectacular rise in silver sales at the Canadian Mint …”many investors have shifted [from gold] to silver as the preferred investment over gold due to its affordability and the safety net provided by industrial demand”
The Price of Silver in 2015
The low price of silver in 2015 helped drive sales as well as a rising gold silver ratio that reached nearly 80 to 1 during the year. The price of silver declined steadily through 2015 since reaching an all time high of about $50 an ounce in April 2011. The declining price led to corresponding increasing sales in each of the past three years at the Canadian Mint.
The Canadian Mint also sold 953,000 ounces of gold in 2015, for a silver to gold sales ratio of 36 to 1.
The Canadian Silver Maple Leaf Coin
The bulk of silver sold by the Royal Canadian Mint is in the form of one ounce Canadian Silver Maple Leaf coins. The obverse of a Canadian Silver Maple leaf coin features a portrait of the Queen of England and the inscriptions “Elizabeth” and “5 Dollars”. The reverse of the Canadian Maple Leaf coin boasts an image of a single maple leaf and the inscriptions “CANADA” “Fine Silver 1 oz Argent Pur”. The Canadian Silver Maple Lead coin is 99.99% pure silver.
About the Canadian Mint
The Royal Canadian Mint is the national mint of Canada and it produces the general circulation coinage for the nation and for other foreign nations. The RCM also provides other services such as minting gold and silver bullion coins, as well as special edition collector’s edition coins and coin sets. The Canadian Mint also offers precious metals storage services for businesses, assay services to determine and ensure precious metal bullion weight and finess. The Canadian Mint has operated as a refinery since 1911.
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.